Converting from Panama Balboa (PAB) to Cayman Islands Dollar (KYD)

What is Panama Balboa (PAB)

The Panama Balboa (PAB) is the official currency of Panama. It was introduced in 1904, named after the Spanish explorer Vasco Núñez de Balboa, who was the first European to see the Pacific Ocean. The Balboa is pegged to the U.S. dollar (USD) at parity, meaning 1 PAB is equivalent to 1 USD. In everyday transactions, U.S. dollars are more commonly used since they are accepted as legal tender in Panama alongside the Balboa.

The Balboa exists in both coin and paper form. The coins are issued in denominations of 1 cent, 5 cents, 10 cents, 25 cents, and 50 cents, along with 1 Balboa coins. However, PAB banknotes are not as widespread, and you will mostly find U.S. dollar bills in circulation. The fixed exchange rate between PAB and USD makes conversions between the balboa and other currencies straightforward.

What is Cayman Islands Dollar (KYD)

The Cayman Islands Dollar (KYD) is the official currency of the Cayman Islands, a British Overseas Territory located in the Caribbean Sea. Introduced in 1972, the KYD is subdivided into 100 cents. The currency is often abbreviated to "CI＄" to differentiate it from other dollar-denominated currencies.

As with the Balboa, the Cayman Islands Dollar has been designed to maintain a stable exchange rate. The KYD is pegged to the U.S. dollar at a rate of approximately 1 KYD = 1.20 USD. This makes the Cayman Islands Dollar more valuable than the U.S. dollar, and it is commonly used in international financial transactions due to the islands' status as a significant offshore financial center.

The Cayman Islands Dollar has banknotes in various denominations (1, 5, 10, 25, 50, and 100) and coins in denominations of 1 cent, 5 cents, 10 cents, 25 cents, and 50 cents, as well as 1 and 2 dollar coins. The currency features designs that reflect the culture and wildlife of the islands, making it visually appealing and distinctive.

Converting PAB to KYD

When converting Panama Balboa (PAB) to Cayman Islands Dollar (KYD), travelers and businesses should check the latest exchange rates, as they can fluctuate due to market conditions. Since the Balboa is pegged to the U.S. dollar, you can first convert PAB to USD and then USD to KYD. For example, if the exchange rate is 1 PAB = 1 USD and 1 KYD = 1.20 USD, then 1 PAB would convert to approximately 0.83 KYD.

In summary, both PAB and KYD play vital roles in their respective economies, and understanding their values and conversion rates is essential for anyone engaging in financial transactions between Panama and the Cayman Islands.